LDK Solar forecasts surge in China solar demand

China’s demand for solar power will triple or quadruple in 2012 to 3-4 gigawatts, the head of China’s LDK Solar (LDK.NYSE) projected at an international photovoltaic conference in Italy on Monday, Reuters reported. LDK conservatively estimates China’s demand for solar power at 1GW this year and global demand at around 19GW, said Xiaofeng Peng, the Chairman and CEO of the vertically integrated photovoltaic product maker. LDK Solar last week reduced its forecast for first quarter revenues as regulatory uncertainty in Italy impacted module shipments. However, the company maintained its full-year revenue target of US$3.5-3.7 billion, and Peng told reported that second-quarter revenues would help compensate for the drop in the first quarter. The European Photovoltaic Industry Association expects China to be among five markets to add more than 1 GW of new photovoltaic capacity in 2011, according to the association’s chairman.

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